Which of the following statements is true regarding fund financial statements?
A) Fund financial statements report a government's activities and financial position as a whole.
B) Fund financial statements should tell the amount spent this year on such services as public safety, education, health and sanitation, and the construction of a new road.
C) Fund financial statements utilize the accrual basis of accounting much like any for-profit entity.
D) Fund financial statements help to determine whether the government's overall financial position improved or deteriorated.
E) Fund financial statements report all assets and liabilities in a way comparable to business-type accounting.

Question

Quizplus · Accepted Answer

Fund financial statements focus on the financial activities of individual funds, such as expenditures on specific services like public safety and education, rather than the government's overall financial position.

Which of the Following Statements Is True Regarding Fund Financial